Research Article
Mar 1979
Comparison of Friedman and Gates Competitive Bidding Models
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VIEW THE REPLYPublication: Journal of the Construction Division
Volume 105, Issue 1
Abstract
The Gates-Friedman controversy is reviewed. An example of the application of each probability assessment model is presented. Monte Carlo simulation procedures used to evaluate the effectiveness of both models when applied to a contractor's 3-yr bidding history are described. The following conclusions are made: (1)Friedman's model always gives a lower optimal bid and a smaller probability of winning at optimality than does Gates'; (2)on the average, Friedman's model results in slightly hgher long-range profits than does Gates' but it obtains almost twice as much work; and (3)on the average, the relative frequency of successful bids corresponds more closely to the probability of winning at optimality found by the Gates model than by the Friedman model.
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Information
Published In
Journal of the Construction Division
Volume 105 • Issue 1 • March 1979
Pages: 25 - 40
Copyright
© 1979 American Society of Civil Engineers.
History
Published in print: Mar 1979
Published online: Feb 11, 2021
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Authors
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Neal B. H. Benjamin, M.ASCE
Prof. of Civ. Engrg.; Construction Engrg. and Management Program, Dept. of Civ. Engrg., Univ. of Missouri, Columbia, Mo.
Richard C. Meador, AM.ASCE
Construction Engr.; Arrowhead Construction, Springfield, Mo.; formerly, Grad. Student, Construction Program, Univ. of Missouri, Columbia, Mo.
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Terms of Use: ASCE Library Cards are for individual, personal use only. Reselling, republishing, or forwarding the materials to libraries or reading rooms is prohibited.
Terms of Use: ASCE Library Cards are for individual, personal use only. Reselling, republishing, or forwarding the materials to libraries or reading rooms is prohibited.